Shell May Bid in Next Iraq Energy Auctions if Terms Attractive

Royal Dutch Shell may decide to take part in Iraq’s next energy auctions, provided the opportunities on offer are sufficiently lucrative, Dow Jones has reported.

The previous round held in May did not get very enthusiastic response from international companies. The country only managed to award just a handful the 12 unexplored plots up for grabs.

"The license terms have to be attractive and they have to be competitive," said Mark Carne, Shell's executive vice president for the Middle East and North Africa, Dow Jones reported.

Iraq has proven reserves of 143.1 billion barrels of oil and 3.2 trillion cubic meters of gas, both of which are among the highest such deposits in the world. Along with ramping up oil production, Iraq is keen to increase gas extraction to help boost its low levels of electricity output.